You are here

Temasek sells 555m shares in China Construction Bank

Mon, Jun 20, 2016 - 11:30 PM

Singapore’s state-owned investment firm Temasek Holdings reduced its stake in the Hong Kong-listed shares of China Construction Bank Corp, according to a filing by the Chinese lender to the Shanghai stock exchange.

PHOTO: REUTERS

[SINGAPORE] Singapore’s state-owned investment firm Temasek Holdings reduced its stake in the Hong Kong-listed shares of China Construction Bank Corp, according to a filing by the Chinese lender to the Shanghai stock exchange.

Fullerton Financial Holdings, an affiliate of Temasek, sold 555 million shares at HK$5.01 apiece on June 16, according to the filing, valuing the block at HK$2.78 billion (S$481 million). Fullerton owned 5.03 per cent in China Construction Bank before the sale, reducing its stake to 4.81 per cent, the filing shows.

“As a long-term investor, Temasek rebalances its portfolio from time to time, and we remain confident in China and its banking sector,” Stephen Forshaw, a spokesman for Temasek, said by e-mail. “While Temasek remains an investor in China Construction Bank, and in other Chinese banks, we continue to invest in China’s growing sectors such as technology, consumer and life sciences.”

Temasek is a major shareholder in other Chinese lenders and owned a stake in Industrial & Commercial Bank of China, a company that had a market capitalisation of US$275 billion as of March 31, 2015, and a stake in Bank of China, a bank valued at US$197 billion as of that date, according to the Singapore firm’s latest annual review published last July.